scholarly journals Pooling, Gaining or Losing Sovereignty? Conflicting Definitions of Irish Sovereignty in the Political Discourse on European Integration

2020 ◽  
Vol 3 (2) ◽  
pp. 108-25
Author(s):  
Charlotte Rault
Keyword(s):  
Financial Crisis ◽  
European Integration ◽  
Political Discourse ◽  
Economic Policies ◽  
Political Actors ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
Mere Existence ◽  
State Relations ◽  
The Impact

This article aims at using the multi-faceted dimensions of the concept of sovereignty as a theoretical framework to better understand the Irish political discourse on European integration and to clarify the changing positions of various actors on the issue, notably in relation to the 2008 financial crisis. First, the article reminds the reader of the various definitions of sovereignty and how the old Westphalian definition has been recently challenged by international law and international relations scholars who consider the impact of globalisation and interdependence on state relations and who therefore question the mere existence of absolute sovereignty in today’s world. In a second part, the study analyses and categorises the arguments used during the referendum campaigns between 1972 and the financial crisis, in order to show how the concept of sovereignty contributed to fostering both pro- and anti-EU treaty positions. The third part will address the consequences of the financial crisis on the positioning of political actors. The debate on Ireland’s sovereignty was reinvigorated by the developments relating to the country’s economic situation and the EU/IMF bail-out package which considerably limited the ability of the government to determine its own economic policies. We will show that the ‘loss of sovereignty’ arguments gained ground among the traditionally pro-integration parties and groups. It reassessed the role of the citizen in legitimizing the decision-making process.

scholarly journals GOVERNMENT DEBT OF SELECTED EUROPEAN COUNTRIES

2019 ◽  
Vol 30 (6) ◽  
pp. 1569-1573
Author(s):  
Wioletta Świeboda
Keyword(s):  
Financial Crisis ◽  
Value Added ◽  
Government Debt ◽  
Sustainable Growth ◽  
European Countries ◽  
Specific Subset ◽  
General Government ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
The Impact

The purpose of this paper is to present the main data about general government debt. It is a challenge to analyze selected group of countries because they are very heterogeneous. For instance Belgium is a well-developed “old-EU” country while Spain is one of the southern European countries with specific issues like unemployment and a huge national debt. Poland, on the contrary, had a centrally planned economy, went through the transition to market economy and only subsequently became an EU member. The key point of this research is to explain how they evolved in the years after the crisis. This paper includes an analysis of the evolution of the public budget of each government.It was fundamental to implement urgent measures and policies, in order to recover the economy of these countries and return to sustainable growth after the 2008 Financial Crisis. A brief overview of these countries’ pensions systems is included, as it has a major share in their government spending and fiscal stability. It is one of the most concerning fiscal issues nowadays that is constantly being in question and probably modified in the short-term.As of 2008, the first symptoms of the international financial crisis began to manifestthemselves in the European countries. As a consequence, European countries like Spain orBelgium suffered a drop in their economic activity and an increase of the unemploymentrate. In the case of Poland, the impact of the crisis was not as dramatic as in other countries,however they also needed to react to the financial deficit.Between the period of 2010 and 2017, the countries needed to make several reformsespecially concerning the national Value Added Tax, and restructuring the provision ofcertain public services such as health funding, infrastructure, education and employment. General government debt-to-GDP ratio is the amount of a country's total gross government debt as a percentage of its GDP. It is an indicator of an economy's health and a key factor for the sustainability of government finance. "Debt" is commonly defined as a specific subset of liabilities identified according to the types of financial instruments included or excluded. The evolution of public debt and the government surplus/deficit among the years, helps to picture how was the country economy situation before the Financial Crisis and therefore helps to understand why the consequences are in some cases more extreme and dramatic than other.

RESPONSE OF STOCK MARKET DURING COVID-19 AND 2008 FINANCIAL CRISIS: A COMPARATIVE EVIDENCE FROM BRICS NATIONS

2021 ◽  
pp. 1-24
Author(s):  
SANJEEV KUMAR ◽  
JASPREET KAUR ◽  
MOSAB I. TABASH ◽  
DANG K. TRAN ◽  
RAJ S DHANKAR
Keyword(s):  
South Africa ◽  
Financial Crisis ◽  
Stock Market ◽  
Stock Returns ◽  
Stock Markets ◽  
2008 Financial Crisis ◽  
First Case ◽  
Egarch Model ◽  
The 2008 Financial Crisis ◽  
The Impact

This study attempts to examine the response of stock markets amid the COVID-19 pandemic on prominent stock markets of the BRICS nation and compare it with the 2008 financial crisis by employing the GARCH and EGARCH model. First, average and variance of stock returns are tested for differences before and after the pandemic, t-test and F-test were applied. Further, OLS regression was applied to study the impact of COVID-19 on the standard deviation of returns using daily data of total cases, total deaths, and returns of the indices from the date on which the first case was reported till June 2020. Second, GARCH and EGARCH models are employed to compare the impact of COVID-19 and the 2008 financial crisis on the stock market volatility by using the data of respective stock indices for the period 2005–2020. The results suggest that the increasing number of COVID-19 cases and reported death cases hurt stock markets of the five countries except for South Africa in the latter case. The findings of the GARCH and EGARCH model indicate that for India and Russia, the financial crisis of 2008 has caused more stock volatility whereas stock markets of China, Brazil, and South Africa have been more volatile during the COVID-19 pandemic. The study has practical implications for investors, portfolio managers, institutional investors, regulatory institutions, and policymakers as it provides an understanding of stock market behavior in response to a major global crisis and helps them in taking decisions considering the risk of these events.

Restructuring Measurements Impact on Bank Risk After the Global Financial Crisis — Empirical Evidence from Vietnam

2021 ◽  
pp. 2150019
Author(s):  
Tu T. T. Tran ◽  
Yen Thi Nguyen
Keyword(s):  
Financial Crisis ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
Banking System ◽  
The State ◽  
Bank Risk ◽  
The Government ◽  
The Global Financial Crisis ◽  
Bank System ◽  
The Impact

Project 254 signed in November 2011 which is relating to “Restructuring the system of credit institutions in the period of 2011–2015” has been considered as a milestone in marking the Vietnamese government to prevent the influence of the financial crisis of 2008. This paper identifies hypotheses evaluating the impact of restructuring measurements on the risk of the Vietnamese’s commercial banks in 10 years, starting from 2008. Using the OLS regression method for analysis by running Eviews and ANOVA test in SPSS with a unique database of 216 observations of 31 commercial banks in Vietnam, it was found that: (i) The bail-out activities of the State Bank of Vietnam in 2015 does not influence on bank risk, (ii) The mergers and acquisitions (M&A) do not support the bank to reduce risk, it increases the risk for acquiring banks, (iii) The global crisis 2008 exerts dire consequence on the bank system in Vietnam, (iv) There is the difference of risk among the groups of the bank experiencing a different number of years of operation. Basing on this result, the paper also makes recommendations to the Government, The State Bank of Vietnam and the commercial banks for effective risk management toward the development of the Vietnamese banking system.

2. Development of the EU

2017 ◽  
Author(s):  
Paul Craig
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
European Integration ◽  
Global Financial Crisis ◽  
Lisbon Treaty ◽  
European Unity ◽  
Single European Act ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Eu

This chapter traces the development of what is now the EU. It first describes the origins of ideas of European unity. It then discusses the various treaties that paved the way towards broader European integration. These include the European Coal and Steel Community Treaty of 1951,the Single European Act 1986, the Treaty on European Union (TEU) of 1992, and the Lisbon Treaty of 2009. Next, the chapter turns to the impact of the global financial crisis on the EU and considers several theories of integration.

Assessing the Impact of the 2008 Financial Crisis on the Labor Force, Employment, and Wages of Persons with Disabilities in Spain

2018 ◽  
Vol 29 (3) ◽  
pp. 178-188 ◽  
Author(s):  
Marco Garrido-Cumbrera ◽  
Jorge Chacón-García
Keyword(s):  
Financial Crisis ◽  
Labor Force ◽  
Educational Level ◽  
People With Disabilities ◽  
The United States ◽  
Average Wage ◽  
2008 Financial Crisis ◽  
Persons With Disabilities ◽  
The 2008 Financial Crisis ◽  
The Impact

The financial crisis of 2008 has had a greater effect on people with disabilities than on those without disabilities in Spain. In recent years, the number of persons with disabilities registered as part of the labor force and having a higher educational level has increased. However, the unemployment rate among people with disabilities has grown at a faster pace, especially for women and young people. A similar situation has occurred with respect to the annual gross average wage; the gap between those with and without disabilities has increased in the years following the crisis. The present study reveals that Spanish public policies aimed at improving levels of employment for people with disabilities have not achieved the expected results. Here, we explore the possible causes and compare the results with those obtained in the United States.

Governmental management by trust communication: German organizational rhetoric in the 2008 financial crisis

2015 ◽  
Vol 23 (1) ◽  
pp. 33-45
Author(s):  
Jan C. L. König ◽  
Klaus-Peter Wiedmann
Keyword(s):  
Financial Crisis ◽  
Quantitative Research ◽  
Organizational Rhetoric ◽  
2008 Financial Crisis ◽  
Content Type ◽  
Rhetorical Action ◽  
The 2008 Financial Crisis ◽  
The Government ◽  
Governmental Management ◽  
Practical Implications

Purpose – The purpose of the authors of this paper is to observe the German Government’s rhetorical communication measurements during the 2008 financial crisis. Design/methodology/approach – The authors compiled approaches of organizational rhetoric and pragma-linguistics first to offer a consistent concept and method for observation and analysis. Later on, they give an overview of the problem of trust and confidence according to Luhmann’s approach and its meaning for crisis rhetoric and marketing and managing approaches. Findings – In the following case study, the authors offer a rhetorical text analysis, combined with a pragmatic perspective of accompanying legal measurements of the government as non-verbal communication. The authors show how the government re-established trust among German consumers and eventually overcame the crisis mainly by rhetorical action. Research limitations/implications – Regarding future crises, the authors suggest that the interaction of trust, financial markets and rhetorical approaches could be better understood. This could include both more quantitative research and qualitative rhetorical approaches. Practical implications – Practical implications clearly show the importance of rhetorical education, especially for crises. This counts for governmental managers, as well as entrepreneurs and spokesmen. Social implications – The authors also revealed the problem of unjustified trust which can become dangerous for social welfare, even if it is only produced by misleading communication. This problem can only be solved by a careful public regulation. Originality/value – Finally, the authors could describe the importance of effective language and communication as a tool for the German Government in the financial crisis in 2008. It can be also described as an example for decision-makers in similar situations.

scholarly journals THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON THE POLAND

2021 ◽  
Vol 9 (4) ◽  
pp. 202-208
Author(s):  
Aleksandra Korczyc
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Analysis ◽  
Modern World ◽  
The European Union ◽  
Remedial Actions ◽  
The Government ◽  
The Global Financial Crisis ◽  
The Impact

Purpose of the study: This study aims to present the specifics of the global financial crisis, the threats it brings for Poland in the legal sphere, and possible actions to be taken in this area, particularly at the European Union and Poland level. Methodology: The article uses the historical method and the analysis of documents both at the Polish and European Union levels, including laws, regulations, and decisions. Main Findings: The scope of the financial crisis in question and its relatively easy transfer between markets entails the necessity to apply extraordinary remedial actions. Poland, through its participation in the European Union, seems to be relatively well protected against the effects of the financial crisis. However, it needs to undertake further structural reforms, in particular reforms of public finances. Applications of this study: The current study is highly significant for the government of the day in this modern world; the study could be quite effective and meaningful for Higher Education Institutions, government, banks, financial institutions. Novelty/Originality of this study: Description of the essence of the financial crisis, possibilities of its prevention - earlier possibilities of remedial actions at the institutional and legal level, possibilities of obtaining financial support, global analysis of the problem, including its causes.

scholarly journals Financial performance after the Spanish banking reforms: A comparative study of 19 commercial banks

2014 ◽  
Vol 4 (2) ◽  
pp. 70-82 ◽  
Author(s):  
Pison F. Irene ◽  
Cibrán F. Pilar ◽  
Lious Agbor Tabot Ntoung
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Commercial Banks ◽  
Positive Impact ◽  
Capital Adequacy ◽  
Research Database ◽  
Banking Reforms ◽  
The 2008 Financial Crisis ◽  
Asset Quality ◽  
The Impact

A diagnostic review of the Spanish financial system during the 2008 financial crisis reveals the emergency need for banking reform in the sector. In an attempt to evaluate the impact of the Spanish reform, the present study examines the bank´s performance before/after the reform was adopted, using data of 19 Spanish commercial banks extracted from the Global Vantage research database (Standard and Poor’s) over the period 2006 to 2013. This study uses multivariable regression method to investigate the impact of the CAMELS rating system: capital adequacy, asset quality, management quality, liquidity and sensitivity to market risks on the bank´s performance such as earnings efficiency. The time-line of the study is essential because it helps us to determine the financial performance of Spanish commercial banks before the banking reforms during the financial crisis and an important set in terms of mergers and acquisition in the banking industry. The empirical results have found strong and positive evidence that Capital Adequacy, Management Capacity, Liquidity and Sensitivity to Market Risk are useful predictors of banks performance (earnings efficiency), thus, any reform pilot toward this banking indicators will eventually have a positive impact on banking performance. Base on the present study, the Spanish reform was so vital for better banking performance. Therefore, this study serves not only to academics but also to policy makers.

scholarly journals The impact of IFRS mandatory adoption on KPIs disclosure quality

2021 ◽  
Vol 11 (3) ◽  
pp. 55-66
Author(s):  
Nadia Cheikh Rouhou ◽  
Fatma Wyème Ben Mrad Douagi ◽  
Khaled Hussainey ◽  
Ahmad Alqatan
Keyword(s):  
Financial Crisis ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Disclosure Quality ◽  
2008 Financial Crisis ◽  
Special Events ◽  
Management Commentary ◽  
Mandatory Adoption ◽  
The 2008 Financial Crisis ◽  
The Impact

The aim of this study is to investigate context, the impact of International Financial Reporting Standards (IFRS) on the Key Performance Indicators’ (KPIs) disclosure quality in the United Kingdom (UK). We used the UK listed firms FTSE 350 in the stock exchange market during the pre-IFRS period and the post-IFRS period (2003 to 2004, and 2006 to 2013). In particular, we examine special events such as the emergence of the 2006 UK Accounting Standard Body (ASB) Guidelines for KPIs best practice, the 2010 IFRS Management Commentary, and the phenomenon of the 2008 financial crisis. The results of this paper show that the UK’s mandatory adoption of IFRS has had a positive and significant effect on the KPIs’ disclosure quality. The results demonstrate, also, that together with the emergence of the 2006 UK ASB Guidelines, the 2008 financial crisis, and the 2010 IFRS Management Commentary have had a positive and significant influence on the quantity and quality of the KPIs’ disclosure.

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